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Valor Tax Relief Team
Professional Tax Resolution Specialists
Key Takeaways
- IRS transcripts are official tax records showing return data, payments, credits, and account codes documenting every action.
- Four main types serve different purposes: Tax Return, Tax Account, Record of Account, and Wage & Income transcripts.
- Negative amounts favor taxpayers (credits, refunds, interest), while positive amounts indicate what you owe.
- Common codes like 150 (return filed), 846 (refund issued), and 570 (hold) tell the story of your account.
What Is an IRS Transcript?
IRS transcripts are official records of your tax return and account activity. They provide a snapshot of what the IRS has on file, including your original return, payments received, credits applied, and any changes made after filing.
Common Uses for Transcripts
Financial Applications
- • Mortgage and loan applications
- • Student financial aid (FAFSA)
- • Small business and SBA loans
- • Social service applications
Tax Resolution
- • Responding to IRS notices
- • Filing amended returns
- • Verifying estimated payments
- • Back Tax Relief documentation
Four Main Types of IRS Transcripts
Tax Return Transcript
Shows most line items from your original return, including AGI. Doesn't show post-filing changes.
Best for: Lenders verifying income for mortgages or loans.
Tax Account Transcript
Summary of your account with filing status, taxable income, balance due, and IRS transcript codes.
Best for: Tracking payments, refunds, and IRS adjustments.
Record of Account Transcript
Combines return and account information for a complete picture.
Best for: Tax professionals and amended returns requiring corrected figures.
Wage & Income Transcript
Compiles income information from third parties (W-2s, 1099s, 1098s).
Best for: Replacing lost tax documents and verifying reported income.
New Transcript Format & Customer File Number (CFN)
Since 2021, the IRS masks sensitive information while keeping financial details visible for security.
Masked Information
- • Last 4 digits of SSNs/EINs
- • First 4 letters of names
- • First 6 characters of addresses
Visible Information
- • Full financial data
- • Income, credits, penalties
- • Account balances
Customer File Number (CFN)
A 10-digit number assigned by third parties (like lenders) that allows secure transcript requests without exposing full SSNs. Helps lenders match transcripts to borrowers safely.
How to Access Your IRS Transcripts
Online via IRS Get Transcript Tool
Fastest method after identity verification. Download and view instantly for quick needs like mortgage applications.
By Phone
Call 800-908-9946 for automated ordering. Good option if you don't have online access but need faster than mail.
Through a Tax Professional
CPAs, enrolled agents, or tax attorneys can obtain transcripts through IRS Practitioner Priority Service with your authorization. Ideal for Audit Representation or complex issues.
Business Transcripts
Require Form 4506-T by mail or fax. No online self-service access for businesses. Same masking rules apply.
Key Sections of an IRS Transcript
Identifying Information
Masked SSN, filing status, tax year, and masked personal details at the top of your transcript.
Account Summary
Current balance, filing status, and key account details in one place.
Transaction Codes
Chronological list of all account activity with dates, codes, and amounts. This is where you'll find the story of your tax account.
Common IRS Transcript Codes
| Code | Description | What It Means |
|---|---|---|
| 150 | Return Filed | Your tax return has been processed |
| 846 | Refund Issued | Refund approved and scheduled for payment |
| 570 | Additional Account Action Pending | Return on hold for additional review |
| 571 | Resolved | Hold has been resolved |
| 420 | Examination | Return selected for audit |
| 610 | Refund Applied to Outstanding Debt | Refund used to pay existing tax debt |
Understanding Amounts
Negative amounts favor taxpayers (credits, refunds, interest). Positive amounts indicate what you owe the IRS (tax due, penalties, interest).
Tracking Your Refund with Transcripts
The Tax Account Transcript is your best tool for tracking refund status and understanding delays.
Refund Timeline
- 1. Code 150: Return filed and processed
- 2. Code 846: Refund approved and scheduled
- 3. Direct deposit or check mailed
Common Delays
- • Code 570: Additional review needed
- • Code 420: Audit examination
- • Code 610: Refund applied to debt
If you see concerning codes or delays, consider professional help to understand what's happening and how to respond.
Frequently Asked Questions
What do negative amounts mean on an IRS transcript?
Negative amounts favor taxpayers—they represent credits, adjustments, or money the IRS owes you (like refunds or interest). Positive amounts indicate what you owe the IRS.
How do I get my IRS transcript?
Use the IRS Get Transcript Online tool, call 800-908-9946, request by mail, or have a tax professional obtain it for you. Business transcripts require Form 4506-T.
What does Code 570 mean on my transcript?
Code 570 means your return is on hold for additional review, often delaying your refund. Look for Code 571 (resolved) or 846 (refund issued) to see when it's released.
Which transcript shows refund dates?
The Tax Account Transcript shows refund dates. Look for Transaction Code 846, which indicates the refund has been approved and scheduled.
How do I unmask my IRS transcript?
Submit Form 4506-T and check the box asking for complete information. The IRS masks sensitive data by default for security.
Master Your Tax Account
Understanding IRS transcript codes puts you in control of your tax situation. Whether tracking refunds, applying for loans, or resolving tax issues, transcripts provide the official record you need.
Need Help Understanding Your Transcript?
Our team can help interpret complex codes, resolve transcript issues, and guide you through tax resolution if needed.
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